The main reason of the increase in losses before Zakat as following:

Increase in net claims and other benefits incurred to SR. 564.3 Million in 2021 compared to SR. 370.1 Million in 2020.

Increase in Policy acquisition costs to SR. 52.4 Million in 2021 compared to SR. 41.8 Million in 2020.

Increase in Changes in additional premium reserves to SR. 10.7 (expense) Million in 2021 compared to SR. 8.4 Million (Reversal) in 2020.

Increase in Changes in other technical reserves to SR. 6.7 Million in 2021 compared to SR. 4 Million in 2020.

Increase in Other underwriting expenses to SR. 7.9 Million in 2021 compared to SR. 2.7 Million in 2020.

Increase in General and administrative expenses to SR. 113.5 Million in 2021 compared to 101.6 Million in 2020.

Decrease in other income to SR. 7.6 Million in 2021 compared to 10.6 Million in 2020.

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Gulf Union Co-Operative Insurance Company SJSC published this content on 29 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 March 2022 08:33:05 UTC.